NOT Noront Resources Ltd

TORONTO, Oct. 28 /CNW/ -- In c7072 transmitted at 17:49e today, errors occurred in the first paragraph. The number of shares that Dundee Securities Corporation and the Underwriters have agreed to purchase should have read "4,800,000" and not "4,770,000". The price per Flow-Through Share should have read "$1.25" and not "$1.26". The total gross proceeds to Noront should have read "$6,000,000" and not "$6,010,200". The maximum number of additional Flow-Through Common Shares that the Underwriters have the option to purchase on the closing date should have read "2,400,000" and not "2,390,000". Full corrected copy follows: Noront Announces $6.0 Million Private Placement Funds to Advance McFauld's Lake Exploration Programs TORONTO, Oct. 28 /CNW/ - Noront Resources Ltd. (Toronto, Ontario)(TSX-V:NOT) (the "Company") is pleased to announce that it has entered into a letter of engagement with Dundee Securities Corporation, under which Dundee Securities Corporation and a syndicate of underwriters (the "Underwriters") have agreed to purchase on a bought deal private placement basis 4,800,000 flow-through common shares (the "Flow-Through Shares") of Noront at a price of $1.25 per Flow-Through Share for total gross proceeds to Noront of $6,000,000. The Underwriters also have the option to purchase up to an additional 2,400,000 Flow-Through Common Shares on the closing date. A cash commission equal to 5.0% of the gross proceeds raised in the offering will be paid to the Underwriters. Closing of the offering is scheduled to occur on or about November 26, 2010. All securities issued will be subject to a four month and one day hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. Gross proceeds from the sale of the Flow-Through Shares will be used to fund ongoing exploration activities on Noront's McFauld's Lake project. These activities will be eligible for Canadian exploration expenses and renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2010. These securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Noront: Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com For further information please contact Noront at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com. Wesley (Wes) Hanson President & Chief Executive Officer FORWARD LOOKING STATEMENTS This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. %SEDAR: 00003339E Noront at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com

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